RBI Governor-Led FSDC Subcommittee Examines Economic Situation
The FSDC sub-committee headed by Reserve Bank Governor Shaktikanta Das reviewed the economic situation in the context of the COVID-19 pandemic on Thursday and decided to closely monitor ongoing developments with a view to ensuring the financial stability.
The Financial Stability and Development Council (FSDC) Sub-Committee (FSDC-SC) meeting was held by video conference and brought together all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI.
“Members have resolved to closely monitor ongoing developments and to act proactively to ensure that financial institutions and financial markets remain resilient in the face of the challenges posed by the resurgence of the pandemic,” the RBI said in a statement. communicated.
The subcommittee reviewed major developments in the global and national economy as well as various segments of the financial system and discussed members’ assessments on the emerging scenario of the third wave of the pandemic.
Among other things, he discussed various inter-regulatory issues and issues related to the use of Aadhaar-based e-KYC and Aadhaar enabled payment system by regulated entities.
It also reviewed the activities of various technical groups under its remit and the functioning of State Level Coordination Committees (SLCCs) in various States and Union Territories.
The meeting took place in the presence of TV Somanathan, secretary of finance and secretary of the expenditure department; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Ministry of Revenue; Rajesh Verma, Secretary, Ministry of Commercial Affairs; Ajay Prakash Sawhney, Secretary, Department of Electronics and Information Technology; and Shashank Saksena, Secretary, Financial Stability and Development Board.
Other members of the subcommittee, including Ajay Tyagi, chairman of the Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, chairman of the Pension Fund Regulatory and Development Authority (PFRDA), also attended the meeting.
In addition, RBI Vice Governors Michael Debabrata Patra and T Rabi Sankar; and Executive Directors OP Mall, JK Dash and Rohit Jain attended the meeting.
Vandita Kaul, additional secretary represented the financial services department; T Alamelu, Full Time Member, Insurance Regulatory and Development Authority of India (IRDAI) and Navrang Saini, Chairman (additional charge), Insolvency and Bankruptcy Board of India (IBBI) attended the meeting on behalf of their respective institutions.
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